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I am Perry Peterson, a retired auditor and tax accountant. My wife Valeta and I live along the front range of the beautiful Colorado Rocky Mountains.

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January 13, 2019

The Ocasio Cortez 'Tax the Rich' scheme would pay for just one percent of the left’s proposed spending

The Ocasio Cortez 'Tax the Rich' scheme would pay for just one percent of the left’s proposed spending

Governmental confiscation of 70 cents on any dollar earned in a free society is unfair and immoral. But would such a scheme at least make significant headway toward boosting federal revenues, commensurate with the orgy of new spending the Democratic Left is advocating?

When confronted with how to pay for their extraordinarily expensive policy agenda, the answer of liberal lawmakers, analysts, and advocates is nearly always the same: tax the rich. How to close the $12 trillion baseline budget deficit over the next decade (a figure that already assumes the 2017 tax cuts expire)? Tax the rich. How to pay for the $42 trillion Democratic socialist agenda that includes single-payer health care ($32 trillion), a federal jobs guarantee ($6.8 trillion), student loan forgiveness ($1.4 trillion), free public college ($800 billion), and infrastructure ($1 trillion)? Easy. Tax the rich. How to offset Sen. Kamala Harris’ proposed $3 trillion tax cut for middle- and lower-income families? Tax the rich.

Wealthy families and corporations are not a bottomless ATM available to finance a socialist utopia.
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